An interview with Carrie Guarrero, Vice President and Producing Manager of Cornerstone Mortgage in Burnsville, Minnesota confirms much of what I have learned from other accomplished people – and while their industries and personalities vary widely, they possess definite similarities. I find that many people seeking their secrets have good news/bad news reactions to the fact that there is no mystery to the mastery.
Some things aren’t too good to be true. There are actually real, stable, first time home buyer programs available in Minnesota that can help first time home buyers bridge the gap between their own savings and the down payment and closing costs they need to purchase their first home. You can own a home today with as little as $1,000 of your own money out of pocket when using one of these first time home buyer programs.
Just as winter has yet to come for us in Minnesota this year, so goes the typical slow down in the real estate and mortgage market. We usually see a seasonal lull in the Minnesota real estate market in December and January and this year, the lull is null.
This event has always been a great time for families and friends to gather and have some fun! Grab the kids, or your neighbors kids, and bring them over for Pumpkin Painting, Moonwalks, Pony Rides, A Petting Zoo, Games of Chance and our old-timers favorite drawings.
If you’re a first time homebuyer, this is a must read! There are programs available with down payment assistance, closing cost assistance and even money to fix-up the home you’re looking to buy if it’s not quite “move-in ready”.
There are two major gaps for first time homebuyers to purchasing their first home today – credit and cash. With programs offered through Minnesota Housing Finance Agency that cover the whole state, Counties like Dakota or Anoka County, and Cities like Minneapolis, Saint Paul and Woodbury; you could be in a situation where you qualify to buy your first home for $1,000 out-of-pocket.
During Chela’s last call to BAC, the customer service “specialist” instructed Chela that the permanent modification would take 60-90 days to process after the last trial period payment had been received. Chela sent the last trial period payment electronically on February 1st. Knowing that the computer system at BAC had traditionally taken a few days to catch up with what was happening, Chela decided not to call for follow-up on the modification until mid February.
2011 is our year to “give back,” and a portion of earnings from every loan that funds with our team will go to one of the 3 different charities that we support here at our Cornerstone Mortgage Company, Burnsville office. This ambitious goal will allow us to provide hope, strength and joy to Minnesotans and their families.
Chela is still struggling with her loan modification. Although we haven’t heard from her in over a month, Chela has checked in and has this information to share about the ongoing loan modification vs foreclosure saga. If you have missed back posts of Chela’s Story, please take a look so you can see what a struggle the loan modification has been. Part 1, Part 2, Part 3.
The Minnesota Home Ownership Center has recently published a Foreclosure Counseling map that will help struggling home owners according to their county of residence. For example, those who are in Dakota County can contact the Dakota County CDA at 651-675-4555 and Scott County residents will contact Carver County CDA at 952-448-7715. Here is the link for the full directory.
According to the Weekly Primary Mortgage Market Survey from Freddie Mac, the average rates over the last week for a 30 year fixed mortgage is 4.40%. This is just a tick higher than the previous week and the highest they have been since the end of July, beginning of August 2010. Although the rate differences are slim, prospective buyers need to be aware that as rates rise, they will affect your buying power.
Watch this video for information on the upcoming First Time Home Buyer Class
MN First Time Home Buyer Class
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